Investec Private Bank
Scottish Widows, Irish Nationwide and Investec Bank have the best interest rates on their SIPP cash accounts but shopping around is essential, according to Defaqto.
At first glance the pre-Budget report appeared to pose a major threat to SIPPs with the introduction of reduced tax incentives on personal pension contributions for those earning more than £150,000
Other Investec Private Bank articles
The breeze of optimism I reported in my last, post-Hogmanay, update has dwindled to the faintest puff of cheerfulness.
2009 was a difficult year for structured products.
Traditionally, the purpose of a bank account within a pension scheme has been rather one dimensional.
In the past 18 months, market volatility has seen a shift towards a greater proportion of SIPPs being held as cash as investors seek consistent returns and lower risk.
As many have commented on in recent months, the Structured Products market is currently enjoying somewhat of a renaissance in terms of sales volumes.
Ascentric is launching a deposit account from Investec to tap into the growing appetite for cash as investors shun volatile equity markets.
Returns on cash deposited by SIPP and SSAS investors are far too low, according to a survey of 100 pension IFAs.
Savers have increased the cash allocation in their SIPPs as part of a defensive move, according to Investec Private Bank.
One in five advisers believe the 'pensions crisis' has got worse since the introduction of pensions simplification in April last year.
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